(NEWS) Central Israel Oil Discovery: 1.5 Billion Barrels

"Estimates of the amount of oil in the Rosh HaAyin discovery have rises to 1.5 billion barrels, and there is more oil off-shore, but it is not yet known how much of the “black gold” can be extracted for commercial use.

The new estimate, along with the gas and oil finds off the Mediterranean Coast, raise the likelihood that Israel will be self-sufficient for energy for the next three decades and even become an exporter of gas. The amount of oil at Rosh HaAyin represents a tiny percentage of Israel's oil consumption, but development is continuing in the area as well as in the Dead Sea."